$SPY TOP 20
Added 2024-06-23 19:03:59 +0000 UTC$SPY rejected at the 1.27 Fib to end the week, likely brought on by the pull back from $NVDA after an enormous run post earnings and stock split and $AAPL pulling back too.
Mega Caps are generally still looking quite healthy and we may see some rotation out of $AAPL and $NVDA into the other Mega Caps this week, which is what we want to see for $AMZN and a move into the lowed tiered Semi companies like $SMCI and $AMD.
A break above the $550 level would be a strong statement from the bulls and the market that this will continue to drift higher until the Fed makes a decision.
The price action is getting to extreme levels above its 200 Day MA which is another telltale sign that this Wave 5 is extended, the last time this happened to this extent was in July 2023 and we saw a very aggressive Wave 4 pull back then.
Comments
BTC/ETH are not in sync with the market. Different assets can have different charting cycles.
Shaleen Deep
2024-06-23 19:15:26 +0000 UTCIf this count is correct Stocks like PLTR or assets as BTC and ETH will get rekt bigtime. We will see at least the yearly open for BTC if we see such a huge and lengthy correction here… Imo some of the charts don’t add up on a midterm view. Any thoughts? Personally I expect a smaller correction in the SPY and a continuation of the uptrend afterwards
Friedrich
2024-06-23 19:12:46 +0000 UTC
